A unique set of circumstances is making consumer product innovation challenging:
Life cycles are becoming increasingly compressed
Digitally savvy and sophisticated consumers are demanding greener, more functional, more cost-effective and more personalized products
CPG companies are expanding into new geographic markets, resulting in new consumer tastes to serve and increasing regulation
In an industry marked by tight margins, the cost burden of sub-optimal product development is significant. Equally critical are product and process innovations that reduce unit costs and increase operating efficiency. Your R&D function remains the primary engine for these types of innovation, and there are opportunities to recharge your engine by focusing on game-changing new product development. Transforming R&D in this way involves four imperatives: adopting a global/multi-local operating model; digitizing product lifecycle management; disaggregating R&D; and the continuous pursuit of operational excellence.
Read the latest insights to learn more:
How Consumer Packaged Goods Companies Can Transform R&D and Supercharge Innovation